Your boss recently attended an accounting seminar at which the balanced scorecard was discussed. He...

Question

Your boss recently attended an accounting seminar at which the balanced scorecard was discussed. He has asked you to prepare a presentation for the next manager’s meeting about the balanced scorecard and how EEC might adopt it. In your presentation, complete the following:

Define the elements that might be presented in a balanced scorecard
Explain how it is used
Make a recommendation of whether or not EEC should adopt the balanced scorecard

If adopted, how might itimprove the company?

Please use U. S. references only

005_agnbjo-fvtmoqap.xls

David · Accepted Answer

Running Head: BALANCED SCORECARD  1
Balanced Scorecard 
Student Name 
Course/Number 
Date 
Instructor Name
BALANCED SCORECARD  2 
 
Balanced Scorecard 
Balanced Scorecard is a system used in strategic planning and management of businesses. This 
system was developed by Robert S. Kaplan and David Norton of Harvard Business School. It is 
used not only in businesses but in all kinds of organizations be it a not-for-profit organization or 
a government organization or any other. It is used to bring the business activities in line with the 
strategy and vision of the organization, by transforming the vision and mission into 
comprehensive and measurable objectives and performance measures; improve communications 
and monitor and control the performance against the goals. This system seeks to do away with 
the undue emphasis on short term financial objectives and seeks to improve organizational 
performance by focusing on other non-financial objectives also. This will give the managers a 
more balanced view of the organization.  
While this phrase „balanced scorecard‟ was coined in early 1990s, yet this concept was in use 
since a long time, as evident from the work of General Electric, in 1950s, on performance 
measurement reporting and from the work of process engineers from France who created a 
“dashboard” of performance measures in early 20
th
 century.  
Earlier, the balanced scorecard approach was used for only performance measurement, but later 
it was developed into a comprehensive strategic planning and management tool; which suggests 
a top down approach to performance management, starting with strategic intent being expressed 
through the organization, down to operationally relevant targets. The financial measures explain 
only past events but the new age companies need to focus on the future, identify and enhance 
their capabilities and resources which involve focusing on other aspects also. The balanced 
scorecard suggests that we evaluate (develop measures, collect data and analyze) the 
organizational performance from different perspectives. These are: Learning/innovation 
BALANCED SCORECARD  3 
 
perspective, internal process perspective, customer perspective and financial perspective. Each of 
these is explained below:
Balanced Scorecard 
Source:http://www.balancedscorecard.org/bscresources/aboutthebalancedscorecard/tabid/55/defa
ult.aspx 
 Learning/innovation perspective:

Your boss recently attended an accounting seminar at which the balanced scorecard was discussed. He has asked you to prepare a presentation for the next manager’s meeting about the balanced scorecard...

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